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Contemporary Marketing 17th edition by Louis e boone Test Bank
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Appendix A
Indicate whether the statement is true or false.
1. A firm’s goals should be specific and measurable.
a. True
b. False
2. Strategic planning is the process of anticipating events and market conditions and deciding how a firm can
best achieve its organizational objectives.
a. True
b. False
3. A marketing plan is not reevaluated once it is completely implemented.
a. True
b. False
4. A firm’s marketers must write a marketing plan before formulating an overall marketing strategy.
a. True
b. False
5. Every marketing plan requires a budget, a time schedule for implementation, and a system for monitoring the
plan’s success or failure.
a. True
b. False
6. A marketing plan is a detailed description of the resources and actions needed to achieve stated marketing
objectives.
a. True
b. False
7. The mission statement puts into words an organization’s overall purpose and reason for being.
a. True
b. False
8. The need for a business plan is more acutely felt in a small company than in a large multinational company.
a. True
b. False
9. The facilities plan estimates the firm’s employment needs and the skills necessary to achieve organizational
goals.
a. True
b. False
10. An exit strategy is a plan for a firm to leave the market.
a. True
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Appendix A
b. False
Indicate the answer choice that best completes the statement or answers the question.
11. Why do marketers in most industries have difficulty making estimates and predictions beyond five years?
a. Marketers rarely stay in the same job for more than five years.
b. There are many uncertainties in the marketplace.
c. The margin for error in long-term forecasting is very small.
d. The cost involved limits predictions beyond five years.
12. Which of the following is used to identify the firm’s strengths, weaknesses, opportunities, and threats within
the marketing environment?
a. Business portfolio analysis
b. Breakeven analysis
c. SWOT analysis
d. Marginal analysis
13. A large company sells some of its business units to help cut costs, bolster its share price and diversify its
business interest. This is an example of a firm employing a(n):
a. exit strategy.
b. pricing strategy.
c. distribution strategy.
d. promotion strategy.
14. Which of the following components of a business plan describes strategies for informing potential customers
about the goods and services offered by the firm as well as strategies for developing long-term relationships?
a. The marketing plan
b. The financing plan
c. The production plan
d. The facilities plan
15. Which of the following components of the marketing mix focuses on deciding the goods and services a firm
should offer in order to meet the needs of its customers?
a. Product strategy
b. Distribution strategy
c. Promotional strategy
d. Pricing strategy
16. Which of the following focuses on the environment in which the marketing plan is to be implemented?
a. Production plan
b. Competitive analysis
c. Mission statement
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Appendix A
d. Executive summary
17. Describe the different components of a business plan.
18. What are the reasons a company should develop a marketing plan?
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Appendix A
Answer Key
1. True
2. True
3. False
4. False
5. True
6. True
7. True
8. False
9. False
10. True
11. b
12. c
13. a
14. a
15. a
16. b
17. The different components of a business plan are as mentioned below:
1. An executive summary briefly answers the who, what, when, where, how, and why questions for the plan.
2. A competitive analysis section focuses on the environment in which the marketing plan is to be implemented.
3. The mission statement summarizes the organization’s purpose, vision, and overall goals.
The overall business plan includes a series of component plans that present goals and strategies for each
functional area of the enterprise. They typically include the following:
a. The marketing plan, which describes strategies for informing potential customers about the goods and
services offered by the firm as well as strategies for developing long-term relationships.
b. The financing plan, which presents a realistic approach for securing needed funds and managing debt and
cash flows.
c. The production plan, which describes how the organization will develop its products in the most efficient,
cost-effective manner possible.
d. The facilities plan, which describes the physical environment and equipment required to implement the
production plan.
e. The human resources plan, which estimates the firm’s employment needs and the skills necessary to achieve
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Appendix A
organizational goals, including a comparison of current employees with the needs of the firm, and which
establishes processes for securing adequately trained personnel if a gap exists between current employee skills
and future needs.
18. A company should develop a marketing plan to:
-obtain financing as banks and most private investors require a detailed business plan.
-provide direction for the firm’s overall business and marketing strategies.
-support the development of long-term and short-term organizational objectives.
-guide employees in achieving these objectives.
-serve as a standard against which the firm’s progress can be measured and evaluated.
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Appendix B
Indicate whether the statement is true or false.
1. Depreciation is an unusual expense because it does not involve an actual cash expense.
a. True
b. False
2. Subtracting depreciation and net interest expense from the firm’s operating profit reveals the firm’s taxable
income.
a. True
b. False
3. Receivables are collected credit sales.
a. True
b. False
4. A balance sheet contains more marketing-related information than an income statement.
a. True
b. False
5. Cost of goods sold represents the revenue a firm receives from goods sold to customers.
a. True
b. False
6. An income statement is a snapshot of what a company owns (called assets) and what it owes (called
liabilities) at a point in time.
a. True
b. False
7. The gross profit margin is the percentage of each sales dollar that a firm earns in profit after all expenses have
been paid.
a. True
b. False
8. All successful organizations have the same inventory turnover ratio.
a. True
b. False
9. While calculating the accounts receivable turnover ratio, sales to buyers using credit cards like MasterCard
and Visa are counted as credit sales because the seller is providing credit to the buyer who buys without cash.
a. True
b. False
10. The difference between assets and liabilities of a company is referred to as owner’s equity.
a. True
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Appendix B
b. False
Indicate the answer choice that best completes the statement or answers the question.
11. Venus Inc., a software consulting firm, had made a gross profit of $350.0 million for the year 2012. For the
same year, it had made sales of $890.0 million. What was its gross profit margin?
a. 69.32%
b. 59.32%
c. 49.32%
d. 39.32%
12. Which of the following statements is true of markup?
a. A marketer’s markup exerts no influence on its image as perceived by customers.
b. Retailers who offer more services charge larger markups to cover their costs.
c. Markups typically are stated as percentages of net interest expenses.
d. Retailers with a lower turnover rate can make a profit by charging a smaller markup.
13. Which of the following profitability ratios measures the firm’s efficiency in generating sales and profits
from the total amount invested in the company?
a. Inventory turnover
b. Gross profit margin
c. Return on assets
d. Net interest expense
14. Calculate the markdown if a retailer decides to reduce the price of an item from $45 to $38 and sells 500
units.
a. 7%
b. 18.42%
c. 15.56%
d. 9%
15. Venus Inc., a software consulting firm, had depreciation of $20.8 million and a net interest expense of
$3.2 million for the past year. The firm’s operating profit for the same year was $319.0 million. What was the
firm’s taxable income for the past year?
a. $400 million
b. $299.2 million
c. $295 million
d. $316.8 million
16. In the context of financial statements, which of the following represents the systematic reduction over time
in the value of certain company assets?
a. Depreciation
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Appendix B
b. Attrition
c. Recession
d. Deduction
17. What is a markup? What are the two marketing decisions that decide the amount of markup? Explain why a
markup is important to a marketer.
18. Explain the difference between an income statement and a balance sheet.
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Appendix B
Answer Key
1. True
2. True
3. False
4. False
5. False
6. False
7. False
8. False
9. False
10. True
11. d
12. b
13. c
14. b
15. c
16. a
17. The amount that a marketer adds to a product’s cost to set the final selling price is the markup. The amount
of the markup typically results from the following two marketing decisions:
1. The services performed by the marketer: other things being equal, retailers who offer more services charge
larger markups to cover their costs.
2. The inventory turnover rate: other things being equal, retailers with a higher turnover rate can cover their
costs and earn a profit while charging a smaller markup.
A marketer’s markup exerts an important influence on its image among present and potential customers. In
addition, the markup affects the retailer’s ability to attract shoppers. An excessive markup may drive away
customers; an inadequate markup may fail to generate sufficient income to cover costs and return a profit.
18.
Two of the most important financial statements are the income statement and balance sheet. The analogy of a
movie often is used to describe an income statement because it presents a financial record of a company’s
revenues, expenses, and profits over a period of time, such as a month, quarter, or year. By contrast, the balance
sheet is a snapshot of what a company owns (called assets) and what it owes (called liabilities) at a point in
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